Gold price soars and jumps toward $1240

New York (Feb 18) Gold prices rose sharply during the last hours rising more than $30. The value of the ounce was trading relatively steady, around $1205.00 and started to rise. It accelerated after breaking above $1217 (Feb 16 high).

It peaked at $1236.60, the highest level since last Friday and it was trading at $1235.00, up 1.60% for the day.

A new high on the cards?

Gold recovered momentum after a three-day correction when it dropped from 1-year highs at $1263.00 to $1190.90 (Tuesday low). Today it pulled back to $1200.00 but managed to remain on top and started to move to the upside.

Today’s rally will bring back speculation about the sustainability of the rally and also if the price could shortly rise to test 2016 highs. The recent upside move was not followed by a decline of the US dollar in the market. Stocks and the US dollar remained relatively steady.